What's the Catalyst for MLPs?

We believe the energy sector broadly is healthy and well positioned to benefit from some normalization of sector allocation. Additionally, we believe that such rotation from historically underweight exposure to the energy sector would benefit many of the holdings within the Oppenheimer SteelPath Panoramic Fund through its exposure across to the upstream, downstream, and midstream energy subsectors.

In our view, broader energy rotation is likely to benefit the MLP, or midstream, sector. It appears that MLPs today offers the same kind of value proposition investors found interesting in 2009: Sector valuations are at historic lows and distribution yields appear attractive.

However, the fundamental backdrop for growth in North American oil and gas production and associated infrastructure development appears healthier than ever. Further, we foresee that first-quarter operating results for mid-April through May will confirm this trend—and that operators may take the opportunity to ease investor anxiety about the Federal Energy Regulatory Commission’s (FERC’s) recent announcement. As a result, we believe our suite of MLP funds may benefit as well.

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Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund may invest no more than 25% of total assets in MLPs. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer.

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